Property website Zoopla to sell shares on London stock market
Property website firm Zoopla has announced it intends to sell shares on the London Stock Exchange.
The Zoopla group includes the websites PrimeLocation, SmartNewHomes and HomesOverseas websites.
Meanwhile, fashion chain Fat Face has cancelled plans for a public listing because of current stock market conditions.
Fat Face had wanted to use the proceeds from the share listing to reduce its debts to about £60m.
The flotation of Zoopla follows the recent listings of online groups AO World and Just Eat, and the stock market float last year of property agent Foxtons.
“I am very proud of what the team has achieved to date and we are incredibly excited about the opportunities ahead to continue to grow our brands and business,” said Zoopla chief executive Alex Chesterman.
The firm is the UK’s second largest property website after Rightmove. It said it has an average of 40 million users per month and advertises 90% of residential property listings – although most properties are advertised on more than one website.
The Daily Mail and General Trust, which owns 52.6% of Zoopla, also said it plans to reduce the size of its stake.
Source: BBC
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